SK hynix 时隔四年重启与 WINPAC 的封装外包合作
据业界消息，SK hynix 已再次将存储半导体封装业务外包给 WINPAC，这是两家公司时隔四年后重新合作。消息于9月29日传出，SK hynix 扩大了相关外包规模。该合作涉及存储芯片封装环节，与元器件供应链的封测产能配置相关。
原文深度解读
本文报道 SK hynix 在时隔四年后重新将存储半导体封装业务外包给 WINPAC，并扩大了外包规模与合作伙伴数量。时间点为9月29日，涉及主体包括 SK hynix、WINPAC 以及此前的 OSAT 厂商 A-PROTECH。外包产品据称为 DDR4 和 DDR5 DRAM，WINPAC 的 P Campus 月产能从4400万颗提升至5000万颗。文章还回顾了双方自2002年以来的合作、2022年关系恶化、2023年合作终止、WINPAC 的亏损与重组，以及今年3月实现月度营业利润、预计年营收超过1100亿韩元等关键数字。该内容与电子元器件供应链中存储芯片封测产能配置、外包策略及供应商财务健康度直接相关。
- SK hynix 在9月29日被业界消息指出，已扩大存储半导体倒装芯片封装的外包量及合作厂商数量，继 OSAT 厂商 A-PROTECH 之后，开始向 WINPAC 追加外包量。
- WINPAC 在签约后完成 P Campus 封装工厂的设备配置等运营准备并已开始量产，外包产品据称为 DDR4 和 DDR5 DRAM；P Campus 处理 DRAM、NAND 闪存和 eUFS 等高性能产品封装，月产能近期从4400万颗增至5000万颗。
- WINPAC 自2002年成立以来依靠 SK hynix 的外包量成长，曾处理144球栅阵列（BGA）封装、DDR2 和 DDR3 DRAM 的板上芯片（BoC）封装、多芯片封装（MCP）及半导体测试，2019年开始倒装芯片封装量产；2021年上半年其总营收的61%来自 SK hynix 外包量。
- 双方关系于2022年开始恶化，当时 WINPAC 获得三星电子首个外包订单并聚焦新客户，导致向 SK hynix 供货困难；SK hynix 逐步减少外包量，叠加存储行业低迷，双方关系于2023年结束。
- WINPAC 的存储后道产能利用率在失去客户和行业低迷中一度降至20%至25%，高价设备折旧等固定成本持续反映为亏损，年亏损约200亿韩元；2023年至2025年累计营业亏损超过600亿韩元。
- 自去年起 WINPAC 出售不必要设备等资产、通过自愿离职降低固定成本并偿还超过400亿韩元债务，今年3月转为月度营业利润；业界估计其今年年营收超过1100亿韩元，较上年75.547亿韩元增长近50%，若测试量和海外客户订单扩大，营收可能超过1500亿韩元。
供应链影响
- SK hynix 扩大存储封装外包并新增 WINPAC 作为合作方，可能意味着其封测产能配置对外部 OSAT 的依赖度有所上升，具体影响取决于后续外包量的持续性。
- WINPAC 同时服务三星电子和 SK hynix 两家韩国大型存储厂商，可能使其在存储封测环节的客户集中度与议价关系发生变化，但实际影响取决于各客户订单分配和产能利用情况。
- WINPAC 通过出售资产、自愿离职和偿债改善财务并恢复月度盈利，可能增强其承接大规模量产订单的能力，但供应链稳定性仍取决于其资金状况和产线运营的可持续性。
- 文章提到外包需求因存储市场状况显著改善而增加，若该趋势延续，可能带动相关封测产能和测试订单的进一步释放，但取决于存储市场景气度能否持续。
- WINPAC 营收若如业界估计超过1100亿韩元甚至1500亿韩元，可能反映存储封测外包环节的订单量回升，但该估计依赖测试量和海外客户订单是否扩大。
系统解读，仅作为判断线索，不构成备货、出货、涨价或投资建议。
WINPAC 的 P Campus。（照片：THE ELEC）
SK hynix 再次将存储半导体封装外包给 WINPAC，距两家公司上次合作已过去四年。
据业界消息人士9月29日透露，SK hynix 已扩大外包给外部合作伙伴的存储半导体倒装芯片封装量，并增加了承接该工作的合作伙伴数量。继 OSAT（外包半导体封装与测试）供应商 A-PROTECH 之后，SK hynix 已开始向 WINPAC 外包额外数量。签约后，WINPAC 完成了开始运营的准备工作，包括其被称为 P Campus 的封装工厂的设备配置，并已开始量产。外包对象产品据理解为 DDR4 和 DDR5 DRAM。
WINPAC 的 P Campus 负责 DRAM、NAND 闪存和 eUFS（嵌入式通用闪存存储）等高性能产品的封装工艺。该公司近期将月产能从4400万颗提升至5000万颗。
“SK hynix 改善了与 WINPAC 的关系，并在四年后恢复了与该公司的封装外包合作，”一位业界消息人士表示。“随着存储市场状况大幅改善，外包封装需求显著增加。WINPAC 通过重组获得运营设备和维持生产工艺所需营运资金的能力，似乎也发挥了重要作用。”
WINPAC 自2002年成立以来，依靠 SK hynix 的外包量成长。该公司曾处理144球栅阵列（BGA）封装、用于 DDR2 和 DDR3 DRAM 的板上芯片（BoC）封装、多芯片封装（MCP）以及半导体测试。它于2019年开始倒装芯片封装量产。截至2021年上半年，其总营收的61%来自 SK hynix 的外包量。
倒装芯片封装涉及在芯片表面形成尺寸为数十微米（\mu m）的金属凸块，然后将芯片翻转并连接到基板。与传统引线键合封装相比，该技术缩短了电信号路径，减少了数据丢失和延迟。它还允许更多输入/输出（I/O）引脚，同时实现更薄、更小的封装。
SK hynix 与 WINPAC 的关系于2022年开始恶化。当时，WINPAC 赢得了来自三星电子的首个外包订单。随着该公司聚焦新客户，它向 SK hynix 供应产品出现困难。SK hynix 逐步减少外包给 WINPAC 的数量，随着存储行业低迷加剧，两家公司的关系于2023年结束。
在失去客户和行业低迷的情况下，WINPAC 的存储后道产能利用率一度降至20%至25%。随着利用率下降，高价设备的折旧费用等固定成本持续反映为亏损。该公司年亏损约200亿韩元。从2023年到2025年，WINPAC 录得累计营业亏损超过600亿韩元。
“如果亏损持续，获得银行贷款或筹集资金就会变得困难，客户也不愿分配大规模量产数量，”另一位业界消息人士表示。“该公司需要解决财务不确定性并确保资金来运营量产线，然后才能赢得新订单。”这是因为必须预先进行针对外包产品规格的专用设备、产线建设和信息系统集成投资。
自去年以来，WINPAC 出售了不必要设备和其他资产。它还通过自愿离职降低了固定成本。该公司偿还了超过400亿韩元债务，降低了融资和利息负担。在这些效率措施之后，WINPAC 于今年3月转为月度营业利润。据信该公司因此获得了 SK hynix 外包量的一部分。它实际上已确保韩国两家最大存储制造商成为其客户。
WINPAC 的业绩预计今年将显著改善。业界估计该公司年营收超过1100亿韩元，较上年增长近50%。WINPAC 去年报告营收为755.47亿韩元。据业界估计，如果测试量和海外客户订单进一步扩大，营收可能超过1500亿韩元。
WINPAC's P Campus. (Photo: THE ELEC)
SK hynix has once again outsourced memory semiconductor packaging to WINPAC, four years after the two companies last worked together.
According to industry sources on September 29, SK hynix has expanded the volume of memory semiconductor flip-chip packaging outsourced to external partners as well as the number of partners handling the work. Following OSAT (Outsourced Semiconductor Assembly and Test) provider A-PROTECH, SK hynix has begun outsourcing additional volumes to WINPAC. After signing the contract, WINPAC completed preparations to start operations, including equipment configuration at its packaging plant, known as the P Campus, and has begun mass production. The products subject to outsourcing are understood to be DDR4 and DDR5 DRAM.
WINPAC's P Campus handles packaging processes for high-performance products such as DRAM, NAND flash and eUFS (embedded Universal Flash Storage). The company recently increased its monthly production capacity from 44 million units to 50 million units.
"SK hynix has improved its relationship with WINPAC and resumed packaging outsourcing with the company after four years," an industry source said. "Demand for outsourced packaging has increased significantly as conditions in the memory market have improved sharply. WINPAC's ability to secure working capital needed to operate equipment and maintain production processes through restructuring also appears to have played a major role."
WINPAC has grown on outsourced volumes from SK hynix since its establishment in 2002. The company has handled 144-ball grid array (BGA) packages, board-on-chip (BoC) packaging for DDR2 and DDR3 DRAM, multi-chip packages (MCP) and semiconductor testing. It began mass production of flip-chip packaging in 2019. Through the first half of 2021, 61% of its total revenue came from outsourced volumes from SK hynix.
Flip-chip packaging involves forming metal bumps measuring several tens of micrometers (\mu m) on the surface of a chip, then flipping the chip over and connecting it to a substrate. Compared with conventional wire-bonding packaging, the technology shortens electrical signal paths, reducing data loss and latency. It also allows for a greater number of input/output (I/O) pins while enabling thinner and smaller packages.
The relationship between SK hynix and WINPAC began to deteriorate in 2022. At the time, WINPAC won its first outsourced order from Samsung Electronics. As the company focused on its new customer, it experienced difficulties supplying products to SK hynix. SK hynix gradually reduced the volumes outsourced to WINPAC, and the relationship between the two companies ended in 2023 as the memory industry downturn compounded the situation.
WINPAC's memory back-end utilization rate fell to as low as 20% to 25% amid the loss of customers and the industry downturn. As utilization declined, fixed costs such as depreciation expenses for high-priced equipment continued to be reflected as losses. The company incurred annual losses of around 20 billion won. From 2023 through 2025, WINPAC recorded cumulative operating losses of more than 60 billion won.
"If losses continue, it becomes difficult to obtain bank loans or raise funds, and customers are also reluctant to assign large-scale mass-production volumes," another industry source said. "The company needs to resolve financial uncertainties and secure funds to operate mass-production lines before it can win new orders." This is because investments in dedicated equipment, production-line construction and information-system integration tailored to outsourced product specifications must be made in advance.
Since last year, WINPAC has sold unnecessary equipment and other assets. It also reduced fixed costs through voluntary resignations. The company repaid more than 40 billion won in debt, lowering its financing and interest burden. Following these efficiency measures, WINPAC turned to a monthly operating profit in March this year. The company is believed to have received a portion of SK hynix's outsourced volume as a result. It has effectively secured both of South Korea's two largest memory manufacturers as customers.
WINPAC's results are expected to improve significantly this year. Industry estimates put the company's annual revenue at more than 110 billion won, nearly 50% higher than the previous year. WINPAC reported revenue of 75.547 billion won last year. If testing volumes and orders from overseas customers expand further, revenue could exceed 150 billion won, according to industry estimates.